After two days of relative USD carnage in and across the emerging and asian FX markets, early AsiaPac trading this evening is seeing that trend revert with the Ringgit, Rupee, and Lira sliding. After-hours gains in US equity futures have been erased, despite USDJPY's continued BoJ-aided push higher (though it seems 119.00 is the new ceiling for now). China's government bonds remain extraordinarily bid (outperforming TSYs by almost 60bps in the last few weeks) with yields dropping to 6-year-lows, as corporate bond bubble fears rotate modestly back to govvies. Aussie miners are under pressure with Iluka Resources getting hammered on "excess capacity" warnings.

The USDollar is rallying against Asian FX in the early going...

And USDJPY has run stops and rolled over...

Despite ongoing strength in Chinese equities (obeying the commands of The National team that "the correction is nearly over")...

China 10Y yields have collapsed in the last few weeks (down 50bps outright and 43bps tighter than UST since 8/20 devaluation)